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The Slam Dunk Loan Example

California HouseMost of the better-priced investors have what are called overlays. Overlays are simply additional rules that make a loan less risky. In a nutshell, the less risky your loan, the better the rate is and the easier it is to get funded. The Slam Dunk Loan will conform to those investor overlays. While it is not always necessary for you to meet every criteria of the Slam Dunk Loan, it does help us get you a better rate if you do.

What do lenders look for in a Slam Dunk Loan?

  • Two plus years continuous employment history in the same industry/job title and preferably with the same employer.
  • Your earnings should have been of the same type for the last 2 years (e.g., hourly, salary, commission or self employed) and increasing over time. Declining income or any changes to how you have been paid for the past 2 years can be an issue. As an example; if your new title includes a bonus you haven’t made for the last 2 years, the lender may not want to use the bonus income.
  • The most current 2-3 months bank statements with no unusual deposits. Preferably deposits just from payroll or deposits that you can clearly document the source.
  • All assets being used to purchase the property are seasoned and in your personal account for 90+ days. (Assets used from a business account can create issues with some investors. Additionally, some investors have issues with all gift funds for a purchase.)

Sounds easy enough, but your situation may vary just a bit from those basic guidelines. If you do not fit exactly in that box, it often is not an issue, as we can do business with over 30 investors. On a file that doesn’t fit in the box, it is not unusual for two underwriters to pass on a given file when the third lender happily funds the loan. As I previously mentioned, some companies “Overlays” and interpretations of agency guidelines will vary depending on how much risk the company is willing to accept. Let our expertise and knowledge of our investors make the difference for you.

Getting your loan “Pre Approved” makes you more like a cash buyer and reduces the stress of your next home loan. We will always send your file to the investor that has the best rate available for your situation. We will provide you with a written Pre Approval you can rely on and give you a rate quote that we can deliver.

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Before starting your Online Mortgage Application, be sure and visit our Mortgage Application Checklist. Also, the Helpful Resources page will answer many of your questions on other loan related topics.

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"Jim went above and beyond to make my sure deal went through. Not only was he a true professional, but he also gave me a great rate and and super fast service. I will use Jim everytime and will highly recommend him for your purchases."
- D Desousa

"My wife and I have used Isle Pacifica Mortgage three times over the past 15 years or so to refinance residential loans. On each occasion, Jim was professional with many resources at his disposal. Over the years I recommended Jim to several close friends, all of whom had the same positive experience, and I would not hesitate to recommend him in the future."
  - Michael Specht